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Price and trend forecast of RELIANCE for Tomorrow, Weekly, Monthly

Reliance Industries Limited

Symbol: NSE:RELIANCE

ISIN: INE002A01018

2,934.30

As on 2024-04-12

2,111.68 (52W Low) 3,024.90 (52W High)

RELIANCE's Today's Performance

Reliance Industries Limited started the day by opening at 2,951.75 today 2024-04-12. Its shares reached a high of 2,972.95 and dipped to a low of 2,926.15 in intraday. When the markets closed, RELIANCE’s stock price settled at ₹2,934.30 per share. Also check out its key support and resistance levels.

RELIANCE Buy/Sell Targets

Tomorrow, sell RELIANCE when its price reaches ₹ 2,934.30 with a stop-loss order at ₹ 2,958.08. You can set the target price as ₹ 2,910.52 to capture potential gains. This sell position balances the risks and rewards evenly, aiming for a 1:1 risk-reward ratio.

In the sections below, we will discuss detailed share price target of RELIANCE for tomorrow's session along with weekly support and resistance. Please note that these share targets analysis is only valid for tomorrow and the current trading week and month.

Important Resistance for RELIANCE

Resistance Levels Value in ₹
Tomorrow Resistance 1 2,963
Tomorrow Resistance 2 2,991
Tomorrow Resistance 3 3,010

Important Supports for RELIANCE

Support Levels Value in ₹
Tomorrow Support 1 2,916
Tomorrow Support 2 2,898
Tomorrow Support 3 2,869
Based on where the stock opens tomorrow, if RELIANCE opens on a positive note, our first target will be ₹2,963. If Target 1 is achieved, we will aim for Target 2 which is ₹2,991.

But if RELIANCE falls below the average value of ₹2,944.47, you can enter a sell side position with target number 1 - ₹2,916 and second target - ₹2,898 This average value also act as support and resistance level. When the stock is trading above the average, it will act like support area. Another important thing is, stocks usually get back to this average value when the price trades too far from avg. In simpler words we can consider the average price as a magnet.

Daily Volume chart of RELIANCE

Looking at RELIANCE, we've seen a Increasing trend in its trading volume over the past week, which really tells us how active traders have been with this stock.

In terms of its price, RELIANCE has been on a Downward path, giving us insights how its value changes in the market.

Based on this, the predicted sentiment for RELIANCE is moderate bearish.

Tomorrow's Volume based share price Forecast for RELIANCE

RELIANCE's Volume is currently in a Increasing trend, and Price is in a Downward direction. Therefore, we can say the stock is in a moderate bearish trend. Volume trend strength over the last month compared to the last week is -46%.

Reversal detection for RELIANCE

Predicted trend chart of RELIANCE tomorrow for price forecast
RELIANCE may trend may continue to be bearish since stock is making lower low and we can get target of ₹2955 in morning tomorrow
Target 1 tomorrow2962
Target 2 tomorrow2973
Target 3 tomorrow2991
 

Investferry’s trend analysis method detects short term overbought and oversold situations to identify reversal in stocks. Use this as reference for short term counter trend trades.

Combine this trend forecast with RELIANCE's tomorrow's target prediction and you will have a base for what can be done in the upcoming trading session.

Based on where the stock opens tomorrow, if RELIANCE opens on a positive note, our first target will be ₹2,962.78. If Target 1 is achieved, we will aim for Target 2 which is ₹2,991.27.

But if RELIANCE falls below the average value of ₹2,944.47, you can enter a sell side position with target number 1 - ₹2,915.98 and second target - ₹2,897.67

RELIANCE's Weekly Targets
1st Up Target 2,970.17
2nd Up Target 3,006.03
1st Down Target 2,910.22
2nd Down Target 2,886.13

As the week for RELIANCE ended on bullish sentiments, we can expect further continuation of this sentiment. RELIANCE's initial target will be 2,970.17 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 2,910.22 in the upcoming week.

Weekly OHLC Values
Open 2,925.95
High 2,981.95
Low 2,922.00
Close 2,934.30

Week for RELIANCE started with an open price of 2,925.95, and the close was at 2,934.30. RELIANCE reached the highest of 2,981.95 and dipped lowest up to 2,922.00 last week. This indicates a bullish sentiment for the week.

RELIANCE full month swing targets
Monthly Up Target 1 3,030.12
Monthly Up Target 2 3,065.98
Monthly Down Target 1 2,850.27
Monthly Down Target 2 2,766.23

Targets of ₹3,030.12 can be expected to be reached in the coming month. Once RELIANCE achieved this target, we can aim for the next upside target of ₹3,065.98.

RELIANCE if fails to hold upside, down targets of ₹2,850.27 and ₹2,766.23 can be achieved by end of this month.

For complete three weeks if RELIANCE is bullish, the stock may decline in the last week on the month as traders usually close their positions. So in this case, you should aim for weekly support level which will act as targets here.

Related Stocks in the Same Sector as RELIANCE

Symbol Name Industry
RELIANCE Reliance Industries Limited Oil & Gas Refining & Marketing
ADANIENT Adani Enterprises Limited Thermal Coal
ONGC Oil & Natural Gas Corporation Limited Oil & Gas Integrated
COALINDIA Coal India Limited Thermal Coal
IOC Indian Oil Corporation Limited Oil & Gas Refining & Marketing

Summary

RELIANCE is expected to reach the target of 2,962.78 in tomorrow's trading session.

After achieving the initial target in RELIANCE, we will aim for higher targets of 2,991.27 tomorrow.

However, if RELIANCE starts to trade below ₹2,944.47, then we will shift our focus to the sell side and aim for down targets of 2,915.98 and 2,897.67.